Anyone With Half A Brain Should See That A Gigantic Economic Collapse Is Coming

Michael Snyder: Is there one thing that Tony Robbins, Ron Paul and Ben Bernanke can all agree on? Yes, there actually is. Recently they have all come forward with warnings that the national debt crisis could destroy America if something is not done. Unfortunately, our politicians continue to spend us into oblivion as if there will never be any consequences. When Barack Obama took office, the U.S. national debt was 10.6 trillion dollars. Today, it is 15.6 trillion dollars and it is rising at the rate of about 150 million dollars an hour. During the Obama administration so far, the U.S. government has accumulated more debt than it did from 1776 to 1995. The United States now has a debt to GDP ratio of over 100 percent, and another credit rating agency downgraded U.S. debt earlier this month. Any talk of a positive economic future is utter nonsense as long as we are bleeding red ink as a nation far faster than we ever have before. It is absolutely immoral to wreck the financial future of our children and our grandchildren and to leave them with a bill for the greatest mountain of debt in the history of the world, but that is exactly what we are doing. Unless our current debt-based financial system is thrown out, there are only two ways that this game is going to play out. One would involve absolutely bitter austerity and deflation unlike anything ever seen before, and the other would involve nightmarish hyperinflation. Either path would be hellish beyond what most Americans could possibly imagine.

Unfortunately, we are running out of time as a nation. You know that things are late in the game when the head of the Federal Reserve starts using apocalyptic language to talk about the national debt. The following is what Federal Reserve Chairman Ben Bernanke told Congress recently….

Having a large and increasing level of government debt relative to national income runs the risk of serious economic consequences. Over the longer term, the current trajectory of federal debt threatens to crowd out private capital formation and thus reduce productivity growth. To the extent that increasing debt is financed by borrowing from abroad, a growing share of our future income would be devoted to interest payments on foreign-held federal debt. High levels of debt also impair the ability of policymakers to respond effectively to future economic shocks and other adverse events.

Have you ever wondered how billionaires continue to get RICHER, while the rest of the world is struggling?

"I study billionaires for a living. To be more specific, I study how these investors generate such huge and consistent profits in the stock markets -- year-in and year-out."

Even the prospect of unsustainable deficits has costs, including an increased possibility of a sudden fiscal crisis. As we have seen in a number of countries recently, interest rates can soar quickly if investors lose confidence in the ability of a government to manage its fiscal policy. Although historical experience and economic theory do not indicate the exact threshold at which the perceived risks associated with the U.S. public debt would increase markedly, we can be sure that, without corrective action, our fiscal trajectory will move the nation ever closer to that point.

The sick thing about this is that the Federal Reserve system is actually designed to generate government debt. The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was created back in 1913. So it is kind of ironic that the head of the organization that was designed to perpetually generate U.S. government debt is now warning that there is too much of it.

But Ben Bernanke is far from alone in warning about the danger of our exploding national debt.

For example, world famous motivational speaker Tony Robbins is also warning that the national debt crisis could destroy our future.

These days, most people throw around the phrase “a trillion dollars” without ever really grasping what it means.

In the video posted below, Tony Robbins uses a fun illustration to help put in perspective how large a “trillion dollars” really is.

If you had a million seconds to do something, would you consider that to be a long time?

Comments

Almost three years after this nonsense article was written. One of Mikey’s predictions:

“For example, the rest of the world is rapidly losing faith in our currency and the reign of the U.S. dollar as the primary world reserve currency is in serious danger of coming to an end. When that happens, gasoline, food and just about everything else that you buy is going to be a lot more expensive.”

Last I checked our currency was the strongest and still gaining strength. The Euro has gone from 1.30 down when the article was written to 1.06 today, the ruble is worthless and ever other currency has dropped against the dollar.

@Doubting Thomas
Nov 2014 To Doubting Thomas – Thank you for your well-reasoned comment. The U.S. is surviving the global economic collapse better than any other nation: Unemployment approaching record lows, markets at record highs, improving U.S. manufacturing and exports, jobs coming back to our shores, and yes even lower national deficits with improving revenues. There is more work to be done and much more could have been done but the sky did not quite fall and will not any time soon (God willing).

Feb 2014, and still no catastrophic meltdown. You guys are like the Christians who claim that Jesus is coming “soon”. We may be on the way to a Euro-type society. Heck, maybe we’ll become PART of the Euro, and Germany will bail US out, too! WOuld sort of pay us back for the Marshall plan… they DO owe us a favor!

I agree with the analysis of the mushrooming Federal debt, just not with the timing of a doomsday collapse. The Fed CAN, and may very well decide to, keep printing money to buy Federal debt. There’s NO WAY that we can afford to pay market rates on the bonds in the future. If they can manage to keep a bunch of the reserves tied up, they may very well manage to avoid a roaring inflation problem; but then, we’ll get the type of “recovery” that we have now, one that has lots of trouble gaining traction.

Drastic words and headlines gather a lot of attention, just like the zealots who run about screaming about the Lord’s return. But, it sure takes a lot longer to get here, than they claim.

Hello from future! Guys, I am coming from October 21th – year 2013. A year and half after this article was published. Until now, there has NOT been a gigantic economic collapse. The world is functioning as always. Remember authors of this article – they were lying to you.

The USA is in trouble because they had the oportunity to stay with the WORD of GOD. When the Preacher and Prophet was alive in the sixties. W, Branham: God will make sure that America pays her debt to GOD ! mark my words. Their is no turning back, At the moment only two areas have money or gold, that is one, the Vatican, and also China. And China will fire at America, and possibly Russia. for domination, but nuclear war is not the answer, is it ? Though it is mentioned as the 3rd woe in Generations.

The debt-based financial system has run its course. Debt levels are now unsustainable. There is no real way to pay it all back because so much of it never existed as real wealth to begin with, so the only choice left is one big reset. Debt forgiveness. Just wipe it all away. The crisis was man-made and is psychological. Just change the system. The Big Money elite wants to preserve the current failed system because it keeps them on top. That’s why you’re seeing all this talk of austerity measures instead of starting over again. It is ALL psychological. New banks can be created issuing new credit. It’s literally that simple. Other countries will either get on board or see their nations descend into chaos from trying to preserve the old system (which is happening right now). We’re on the cusp of a paradigm change, the death rattle of a banking system that blew itself out because of the human behavior of the irrational love of money. This is THE lesson of our lifetimes, folks.

tony said “we’ve taken all the holdings of the rich…” no, you didn. you said you would take the money they made that year. you didnt say expropriate their assets. someone is owed that 16 trillion. can you say default?

@albert flower
A Banksters defeatism nightmare, Being forced to Return to Real Money=United States Note=Lawful Money. The real reason you pay an income tax, is for the privilege of using a private currency. Also known As A: Federal Reserve Note, Demand from your bank or brokerage, lawful money and the tax goes away, with a tax exemption on lawful money, all of your money is yours. Use the Remedy within the Federal Reserve Act. Stop being a Slave!!!!!!

Tax Exemption: Web search these four different phrases: Redeemed in Lawful Money or United States Note or Redeemed in Lawful Money Pursuant to Title 12 USC §411 or deposited for credit on account or exchanged for non-negotiable federal reserve notes of face value

Your article Michael is about truth, and is accurate, but there is an is an added ingredient that no one seems to think about that will have far more reaching consequences than the coming economic implosion not only in the US, but the whole world.

Time is marching on at an ever increasing speed as this cycle for humanity and this planet draws to an end. It is inevitable that this economy will crash, how soon, nobody knows the exact time, but it will crash. But the one ingredient that no one will acknowledges is the destiny of the human race, and the Earth changes already happening, and will increase as we come to the end of a 26,000 year great cycle.

This planet, your solar system, are entering the galactic plane, and the planet alighnments will be set for an energy source from the center of the Milky Way to the Sun, and then to the center of Mother Earth. You are going to see the Earth trembling with such force that it won’t matter what the economic system is doing, it will end, and the way of life on Earth will end, as the cycle ends. But it is not the end, but the beginning of a new age, for this planet is rebirthing itself and humanity.

It is human destiny. This system of greed and corruption will end. It is meant to be. One should look inside of ones self, and believe in the one place that will lead you to true freedom, and that is the human heart, and the light, or Love.

Prepare, for the time is at hand. Not to fear, but to embrace what is coming forth!

This article makes alot of fantastic points and is informative. However, nothing short of eliminating legal tender irredeemable paper ticket or electronic money will do the trick. You see since 1933, America as we know it has been a giant FRAUD. The FED was created 20 years prior to “stabilize the banks”. Isn’t it funny, 20 years after the founding of the FED to “stabilize the banks” every bank in this country was SHUT DOWN/BANKRUPT. Great job huh? Than they stole, by Executive Order all privately held gold bullion, than they passed the Maternity Act, which was used to PLEDGE all newborn children as collateral for endless loans from the FED. We are a bankrupt nation. Bankrupt of TRUTH, Knowledge, and power. WAKE UP!

First off, the wealth destruction is only in the 2nd innning. The debt monster has to gobble up and purge the debt before big ben could print. Do you understand that all the printing since 2008, and the money supply is still lower than it was prior? Why, because that money is never hitting the street. It’s being gobbled up by banks to cover their losses and to be solvent.

Secondly, even after the debt monster gobbles up the debt, do you really think big ben and the financial elite would allow a destruction of their currency before they force the govt to gut the military and entitlements? ummm…no.

THis is their perfect plan to separate an even larger gap between the classes. Nobody has their social security anymore, medicare, unemployment, welfare, food stamps, and nobody as their state and local pensions cause you know that is defunct too, etc etc